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How your Credit Score can Impact your Relationships

How your Credit Score can Impact your Relationships

Did you ever consider that your credit score could impact the relationships in your life? We didn’t either until one of our Smithville auto loan team unearthed a piece from the Chicago Tribune outlining how credit scores can impact romance.

 

We know it has an effect on our financial wellbeing, sometimes the jobs we have, the cars we drive and the houses we live in. We did not expect a credit score to impact the people we love.

 

Yet it can.

 

Credit Score and Romance

 

Credit score and romance. Two terms we never thought we would see together in a sentence!

 

According to ‘How credit score can affect your romantic relationship’, two in five Americans say that knowing someone’s credit score can influence how interested they are in dating them. It may be an older article from 2017, but it’s still true today.

 

It also states that people with higher credit scores are most likely to have long lasting relationship.

 

"This result arises, in part, because initial credit scores and (how closely those scores match) predict subsequent credit usage and financial distress, which in turn are correlated with relationship dissolution."

 

The piece advises against just talking credit scores and recommends having wider discussions about finance. As we all know, credit scores can be decimated through no fault of your own and many outside influences have more power over your credit score than you do.

 

It is better to have a wider conversation about finance as part of the initial getting to know you phase of a relationship.

 

Even early on, openly talking about money can give you a good idea of your partner’s attitude towards money, saving and credit. All things that can have an influence later in life.

 

"When people used to get married in their early 20s, there wasn't a lot to talk about financially. When you meet somebody today and you're in your late 20s, they're coming to the party with an entire closet of financial stuff," said David Bach, author of "Smart Couples Finish Rich."

 

Money and Matrimony

 

Money plays such a huge part in our lives that it’s essential to understand how a potential partner views it. While there is more to those conversations than just giving your credit score, that score is a marker of how that person views money, credit and life in general.

 

It doesn’t matter what has happened in the past. It only matters what’s happening now and what you both want to happen in the future. Fiscal responsibility plays its part in that.

 

Whether it’s the possibility of what you’ll drive in later life to what kind of home you’ll live in or how many children you can afford.

 

Credit scores are a single, one-dimensional measure of much wider attitudes. Those attitudes will become part of what makes you a person and how you form relationships!

 

It’s logical when you think about it but it isn’t something you consider every day. We work with loans and finance every day and we never looked at it like that. Perhaps knowing this will give us a much wider view of personal finance.

 

When you’re ready for a car loan, get in touch with the Smithville car loan experts at Northway Ford for great deals on auto finance.

 

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